FY25 Performance Recap - Record revenue of $1.138 billion, up 1.1% versus prior year[8] - Adjusted Diluted EPS up 7.3% versus prior year[8] - $52 million in FY25 share repurchases[8] Financial Highlights - Q4 Revenue of $296.5 million, up 7.0% vs prior year on an organic basis[33] - Q4 Adjusted EBITDA of $104.4 million compared to $90.4 million prior year[33] - Q4 Adjusted EPS of $1.32, up 28.7% compared to $1.02 prior year[33] - Full year Adjusted EBITDA of $374.5 million compared to $373.9 million prior year[32] - Gross Margin of 55.8% consistent with expectations[35] - A&M of 13.7% of Revenue[38] - G&A of 9.5% of Revenue[38] FY26 Outlook - Revenues of $1.140 to $1.155 billion[48] - Organic growth of approximately 1% to 2%, excluding projected FX headwind[48] - Diluted EPS of $4.70 to $4.82[48] - Free Cash Flow of $245 million or more[48]

Core Insights - Civeo Corporation reported a negative free cash flow of ($13.5M) in Q1 2025, a decline from $7.2M in the same period last year, primarily due to negative operating cash flow of ($8.4M) and capital expenditures of $5.3M [1][5] - The company reaffirmed its long-term free cash flow generation confidence, supported by a capital-light model and a high mix of recurring asset-light services revenue [1] - Civeo increased its share repurchase authorization from 10% to 20% of shares outstanding and plans to use 100% of free cash flow to complete the program, having repurchased 153,000 shares for approximately $3.3M in the quarter [1][5] Financial Performance - Civeo reported revenues of $144.0M and a net loss of $9.8M, with an Adjusted EBITDA of $12.7M [5] - The company revised its 2025 guidance, projecting revenues between $620M and $650M and Adjusted EBITDA of $75M to $85M [5] - Net debt increased by $20.9M quarter-over-quarter to $59.0M, resulting in a net leverage ratio of 0.8x [1]

Financial Data and Key Metrics Changes - Total revenues for the first quarter were $144 million, with a net loss of $9.8 million or $0.72 per diluted share [12] - Adjusted EBITDA was $12.7 million, with negative operating cash flow of $8.4 million [12] - The decrease in adjusted EBITDA compared to the previous year was primarily due to reduced build rooms in Canadian lodges [12] Business Line Data and Key Metrics Changes - Australian segment revenues increased by 13% year over year to $103.6 million, with adjusted EBITDA remaining relatively flat at $20.5 million [13] - Canadian segment revenues decreased to $40.4 million from $67.2 million in the previous year, with adjusted EBITDA at negative $200,000 [15] Market Data and Key Metrics Changes - In Australia, revenues increased by 18% on a constant currency basis, driven by increased activity in integrated services [8] - Canadian build rooms decreased to 359,000 from 610,000 in the previous year due to customer spending reductions [15] Company Strategy and Development Direction - The company has increased its share repurchase authorization from 10% to 20% of total shares outstanding and suspended the quarterly dividend to enhance long-term shareholder value [6][20] - The focus is on optimizing the cost structure in Canada and enhancing operational efficiency [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the Canadian division is facing economic and political uncertainty, impacting performance [25] - The company expects to continue generating free cash flow, despite challenges, and remains confident in its ability to execute the updated capital allocation framework [26] Other Important Information - The company plans to allocate 100% of annual free cash flow to share repurchases until the expanded authorization is completed [6] - Capital expenditures for the first quarter were $5.3 million, down from $5.6 million in the previous year [17] Q&A Session Summary Question: What is the rationale behind the changes to the dividend and capital allocation? - Management indicated that the decision was based on extensive shareholder engagement and the realization that the dividend was not being valued, thus shifting capital to share repurchases made more sense [29] Question: What are the benefits of the joint venture with the Six Nations in Canada? - The joint venture is crucial for winning work in Canada, as First Nation relationships are often necessary for bidding on projects [31] Question: Are there any larger infrastructure projects expected to generate revenue in the next few years? - Potential opportunities include additional pipeline projects and carbon sequestration initiatives in Alberta [37] Question: How is the company addressing cost-cutting measures? - The consulting firm is reviewing the North American cost structure to optimize expenses in response to the changing outlook for the Canadian business [38] Question: What is the outlook for free cash flow in the coming years? - Management remains optimistic that free cash flow will improve in the future, despite current guidance being lower due to market conditions [56]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $144 million, with a net loss of $9.8 million or $0.72 per diluted share, and adjusted EBITDA of $12.7 million, reflecting a decrease compared to the previous year [11][12] - The company reported negative operating cash flow of $8.4 million, primarily due to seasonal impacts on working capital [11] - Civeo's net debt increased by $21 million to $59 million as of March 31, 2025, with a net leverage ratio of 0.8 times [15] Business Line Data and Key Metrics Changes - Australian segment revenues increased by 13% year-over-year to $103.6 million, with adjusted EBITDA remaining relatively flat at $20.5 million due to rising power and staffing costs [12][13] - Canadian segment revenues decreased significantly to $40.4 million from $67.2 million in the previous year, with adjusted EBITDA at negative $200,000, driven by reduced customer spending and the wind down of LNG-related activities [14] Market Data and Key Metrics Changes - In Australia, strong occupancy levels were reported, with 625,000 build rooms, a modest increase from the previous year [13] - In Canada, billed rooms totaled 359,000, down from 610,000 in the first quarter of 2024, reflecting ongoing economic and political uncertainties [14] Company Strategy and Development Direction - The company has revised its capital allocation strategy, increasing share repurchase authorization from 10% to 20% of total shares outstanding and suspending the quarterly dividend to enhance long-term shareholder value [4][19] - Civeo plans to allocate 100% of its annual free cash flow to share repurchases until the expanded authorization is completed [4][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate free cash flow, despite macroeconomic challenges, and emphasized a focus on operational efficiency and cost structure optimization [8][24] - The company lowered its full-year 2025 revenue and adjusted EBITDA guidance to $620 million to $650 million and $75 million to $85 million, respectively, reflecting a conservative outlook primarily influenced by Canadian market conditions [21][41] Other Important Information - Civeo is in the process of acquiring DeBoer Villages in the Australian Bowen Basin, expected to close in Q2 2025, which is anticipated to be immediately accretive to operating cash flow [6][21] - The company has engaged a consulting firm to review its North American cost structure as part of its commitment to enhance shareholder value [8][36] Q&A Session Summary Question: What is the rationale behind the change in the capital allocation framework? - Management indicated that the decision to shift from dividends to share repurchases was based on extensive shareholder engagement and the realization that the dividend was not being valued by the market [27] Question: What are the benefits of the joint venture with the Six Nations in Canada? - The joint venture is crucial for winning work in Canada, as First Nation relationships are often necessary for bidding on projects, enhancing Civeo's competitive position [29] Question: Are there any larger infrastructure projects expected to generate revenue in the next few years? - Management mentioned potential pipeline projects and carbon sequestration initiatives in Alberta as opportunities for revenue generation [34] Question: How is the company addressing cost-cutting measures? - The consulting firm is helping to address the cost structure primarily in Canada, but the review will encompass all North American operations [36] Question: What is the outlook for free cash flow in 2025? - Management views the $20 million to $30 million free cash flow guidance as potentially low due to market conditions, with expectations for improvement in future years [51][56]

Core Insights - Nexxen International Ltd. announced the repurchase of 1,498,918 Ordinary Shares at an average price of $7.96 during March 2025, as part of its ongoing $50 million share repurchase program [1] - As of March 31, 2025, Nexxen had 62,566,192 Ordinary Shares outstanding and approximately $5.5 million remaining under its current share repurchase program authorization [1] Share Repurchase Program - The Board of Directors approved a new $50 million Ordinary Share repurchase program, set to begin on the earlier of May 19, 2025, or upon completion of the current program [2] - Nexxen intends to issue monthly press releases detailing the number of shares repurchased and the total shares outstanding [3] Disclosure Practices - Nexxen previously provided daily repurchase updates while listed on AIM, but now follows SEC disclosure requirements, which are more limited for Nasdaq-listed companies [4] - The company believes that monthly updates represent a balanced approach, enhancing transparency for both U.S. and international shareholders [4] Company Overview - Nexxen is a global advertising technology platform specializing in data and advanced TV, offering a flexible technology stack that includes a demand-side platform (DSP) and supply-side platform (SSP) [5] - The company is headquartered in Israel and has offices across the United States, Canada, Europe, and Asia-Pacific, and is traded on Nasdaq under the ticker NEXN [6]